Interim Management Statement

The Law Debenture Corporation p.l.c. Interim Management Statement       
       for the nine months ended 30 September 2011 (including subsidiaries)      

Company history

From its origins in 1889, Law Debenture has diversified to become a group with
a unique range of activities in the financial services sector. The group
divides into two distinct complementary areas of business.

Firstly, we are a global investment trust, listed on the London Stock Exchange.
Our portfolio of investments is managed by Henderson Global Investors Limited
under a contract terminable by either side on 6 months' notice.

Secondly, we are a leading provider of independent fiduciary services. Our
activities are corporate trusts, treasury management and structured finance
administration, pension trusts, corporate services (including agent for service
of process) board effectiveness and whistle blowing services. We have offices
in London, Sunderland, New York, Delaware, Hong Kong and the Channel Islands.

Fund objective

Our objective is to achieve long term capital growth in real terms and steadily
increasing income. The aim is to achieve a higher rate of total return than the
FTSE All-Share Index through investing in a portfolio diversified both
geographically and by industry.

Company Information

The interim dividend for 2011 of 4.5p was paid on 8 September 2011. There are
no other material events or transactions to report.

Trust information

Sector Global Growth Benchmark FTSE All-Share index

Trust type Conventional (Ords) Launch date December 1889

Financial year end 31 December Dividend payment April, September

Last ex div date 03 August 2011 Management fee (based on NAV) 0.30%

Performance fee No Total expense ratio (TER) 0.49%

Trust statistics at 30 September 2011

Gross total assets £405m

NAV per ordinary share (cum income) 311.1p

NAV per ordinary share (ex income) 304.7p

Share price (code LWDB) 343.0p

Premium/(discount) (cum income) 10.3%

Group gearing - AIC (net) 107%

Group gearing - excluding 97%

fixed interest (net)

Yield 3.8%

Performance to 30 September 2011 9mths 1yr 3yrs 5yrs 10yrs

Share price (total      -0.1%  12.5%  43.6% 31.1% 134.0%
return)                                                 
                                                        
Net asset value         -8.0%   2.6%  38.2% 23.7% 119.8%
(total return)                                          
                                                        
FTSE All-Share (total  -10.9%  -4.4%  19.2%  4.0%  59.2%
return)                                                 

Geographic breakdown at 30 September 2011 Sector breakdown at 30 September 2011

UK            63.5%      
                         
UK Gilts      11.1%      
                         
Europe         8.0%      
                         
Other Pacific  7.6%      
                         
North America  6.5%      
                         
Japan          3.3%      
                         
OEICs                    
included                 
above:                   
                         
Henderson      2.9%      
Japan Capital            
Growth                   
                         
Henderson      2.4%      
Asia Pacific             
Capital                  
Growth                   
                         
Baillie        2.0%      
Gifford                  
Pacific                  
                         
First State    1.9%      
Asia Pacific             
                         
Industrials         21.1%
                         
Pooled Equity       11.4%
Investments              
                         
UK Gilts            11.1%
                         
Consumer Goods      11.1%
                         
Oil & Gas           10.0%
                         
Financials           9.9%
                         
Health Care          7.5%
                         
Consumer Services    6.6%
                         
Utilities            4.9%
                         
Telecommunications   2.6%
                         
Basic Materials      2.4%
                         
Technology           1.4%

The UK Gilts holdings are all less than 5 years to maturity.

Top Ten Equity Holdings (excluding OEICs and Gilts) at 30 September 2011 as a
percentage of the portfolio

Royal Dutch     3.0%     
Shell                    
                         
Senior          2.9%     
                         
BP              2.6%     
                         
GlaxoSmithKline 2.5%     
                         
GKN             2.0%     
                         
HSBC                 1.9%
                         
Morgan Crucible      1.6%
                         
Vodafone             1.5%
                         
Interserve           1.4%
                         
Amlin                1.4%

Contacts

Caroline Banszky              Tim Fullwood              
                                                        
Managing Director             Chief Financial Officer   
                                                        
Email:                        Email:                    
[e-mail] [e-mail] 
                                                        
Tel: [phone]